New FSA Obligations Under IRS Rules And The ACA: How To Overcome Compliance Challenges
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Flexible spending accounts and health savings accounts are more popular than ever with employees. About 33 million of them take advantage of this opportunity, and those who don't often opt out because of "use-it-or-lose-it" rules that fortify the money left in the account at the end of the year.
Nearly 80 percent of employers set a limit on health FSA contributions at $5,000. Under the Patient Protection and Affordable Care Act, a $2,500 cap on health FSAs goes into effect beginning January 1, 2013. In light of the cap, the IRS is determining whether the use-it-or-lose-it rule will be necessary going forward.
With the new IRS guidance and regulations on FSAs, it's crucial for you to know which types you can sponsor and how to comply with the latest rules. You'll also need to get up to date on your compliance obligations under the ACA.
Participate in this interactive and timely webinar, and you'll learn:
- What you MUST know about the IRS's recently released guidance on the January 1, 2013, compliance deadline
- Types of organizations that can sponsor cafeteria plans and who can participate in them
- Key design features of a cafeteria plan, including pre-tax payment of premiums and health, dependent care, and adoption FSAs
- Expenses FSA contributions can't be used for
- Who's considered a "qualified individual" for dependent care FSA benefits
- Health-related expenses that are covered under an FSA
- The impact of the new FSA contribution limit and what you must do to ensure compliance with the ACA
- Best practices for administering dependent care FSA claims
- The practical impact use-it-or-lose-it rules could have on cafeteria plans going forward
- Health FSA and dependent care FSA grace period rules you should know about
- When participants' elections may be made
- Mid-year changes that are on the horizon
- Tips on handling administrative errors, including mistaken FSA elections
- How to handle health FSAs when an employee takes FMLA leave
- What to do with FSA forfeitures
- How to avoid the most common compliance mistakes employers make when implementing cafeteria plans
- And much more
In just 90 minutes, you'll understand your compliance obligations for FSAs under new IRS guidelines. Register now risk-free.
About your Speaker:
Attorney Jenifer A. Cromwell is Of Counsel with the Washington, D.C.-based law firm of Bredhoff &Kaiser, P.L.L.C., where she advises clients on a wide range of federal tax and ERISA matters regarding employee benefits. Her practice encompasses health and welfare benefit plans and qualified retirement plans. Ms. Cromwell's work with health and welfare plans includes counseling on administrative issues, including compliance with the Patient Protection and Affordable Care Act, HIPAA privacy and security, COBRA, Form 5500 reporting, cafeteria plan rules, and participant disclosures and notices. Her work with qualified retirement plans includes counseling on compliance with the Internal Revenue Code, plan design and amendments, and participant disclosures. She also has extensive experience negotiating contracts with third-party administrators, recordkeepers, insurance carriers, consultants, and vendors.
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All US States: 1.5
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